A 135-acre residential farm overlooking Galway Bay completely surpassed expectation at last week’s public auction, when it sold under the hammer for €23,700/acre.

With an address at Renville House, Oranmore, the sale presented an extremely rare opportunity to acquire a superbly located property on the shores of Galway Bay, complete with stunning coastal views and 135 acres of agricultural land.

The calibre of the property was clearly reflected in the strong interest received by agent Jordan Auctioneers, Newbridge on the build-up to the auction last week. Such interest included some farming inquiries, but the majority stemmed from the business sector, especially from those with farming backgrounds.

Around 30 people turned up to the Radisson Blu Hotel, Galway, last week where auctioneer Paddy Jordan took an opening bid of €1.5m. With the help of four interested parties, the sale price quickly progressed to €2.7m, at which stage the agent went to consult with the vendors.

On his return, Paddy declared the farm on the market at €2.7m, but things were far from over. With neither side willing to concede, two eager bidders drove the sale price past the €3m mark and into €3.2m, at which stage the hammer fell.

This works out at €23,700/acre, which represents a tremendous price for a property of this size, not just in Galway but across the country.

Renville included 22 acres of Special Area of Conservation and if this is excluded from the calculations, the remaining circa 113 acres and the house works out at €28,300/acre, which would be regarded as one of the top prices of the year to date. The buyer is believed to be a Galway-based businessman.

Described as a special package, Renville came to the market with a Georgian residence dating back to 1820, a coach house, a herd’s cottage, a walled garden and a range of farm buildings.

The fact that it is only 10 minutes’ drive from Galway city and boasts panoramic coastal views made the package even more special. It was guided in the region of €2m prior to auction. CL